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Study shows southerners owe more in auto loans

A recent analysis showed that most people who owe a lot on their auto loans live in the southern cities of America, a USA TODAY report showed on Saturday, November 16.

According to a recent analysis by Manilla.com, Shreveport, New Orleans, and Houston were on the top three of ten cities where borrowers owed a great deal of money on their car loans. The online personal consumer finance service further stressed that generally the economy in the south was far more satisfactory during the recession based from government data. The other six cities identified by Manilla.com to have the highest loans were the following: Little Rock-Pinebluff, Ark., San Antonio, Lafayette, La., New York, Miami-Ft. Lauderdale, Las Vegas, and Wilkes Barre-Scranton, Penn.

At Greenway Bankruptcy Law, LLC, our lawyers help people in Birmingham get the financial help they need if they are facing overwhelming debts, whether due to car loans or other factors. Call us at (205) 324-4000 to find out how we can help you if you are in such a situation.

Bills seek to limit payday and title loan interest rates

Laws to regulate high rates of short-term loans and title loans were recently presented in an effort to keep people from being trapped into paying off debts with high interests.

Rep. Patricia Todd, D-Birmingham, who introduced the bills, said a cap of 36 percent will be put on payday loans and title loan businesses and  limits will be made regarding what can be done with repossessed properties. Supporters of the bills said short-term loans trap low-income earners into a debt cycle that can have serious effects on their finances. On the other hand, opponents of the bills said the 36 percent interest rate is reasonable to maintain business, claiming short-term loans require higher interest rates.

The bills have drawn support from those seeking to address the problem of payday loans’ high interest rates that trap low income earners.

If you are in debt and are wondering what your options are, such as applying for a payday loan, consider speaking with a lawyer from Greenway Law about your debt negotiation options. Learn more about how to address your debt by calling (205) 324-4000.

 

AFA Foods, Inc. files for Chapter 11 bankruptcy

The meat production company, AFA Foods, Inc. has sought the protection of Chapter 11 bankruptcy. The filing took place on Monday at the U.S. Bankruptcy Court in Delaware.

The decline of their revenue was directly linked to the “pink slime” uprising. This term was popularized by the media, and referred to a type of textured beef that was included in most ground beef products. The product resembles a pink putty, and people were outraged that this strange substance was used in the meat they were consuming.

Consumers purchasing ground beef started to fall, and AFA Foods, Inc. was negatively affected. Meat production companies were told they had to remove this filler beef in order to continue selling in certain markets. AFA Foods, Inc. was unable to find a replacement for this substance in their products, and therefore chose to file for bankruptcy.

If you or someone you know has questions regarding filing for bankruptcy, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Jefferson County moving towards declaring bankruptcy

Jefferson County officials say the county is moving closer and closer towards filing for bankruptcy.  Commissioner Jimmy Stevens stated, “Bankruptcy has been on the stove, possibly moved to the front burner.”

This week, a bill that would allow the county to raise taxes to make up for their removal of occupational taxes.  Currently, county officials believe that if they do not declare bankruptcy, they will have to lay off hundreds of county workers.  Officials estimate the layoffs would account for about 40 percent of people employed by the county.

So far, the county has already made $30 million in budget cuts and expects to have to cut around $73 million more from their annual budget.

Contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today, if you or someone you know is considering filing for bankruptcy in Birmingham.

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Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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